Vitesco Technologies Group AG

VTSC: XETR (DEU)

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Vitesco: Schaeffler Acquisition Bid Represents 21% Premium to Market

Richard Hilgert

Oct 9, 2023

Schaeffler AG announced that it will initiate a public tender offer for the outstanding shares of narrow-moat Vitesco at EUR 91 per share. The offer represents a 21% premium to the previous closing price and 20% premium to the 3-month average volume-weighted share price. Our fair value estimate had been EUR 113 but, with our high certainty that the acquisition will occur, our new fair value estimate is EUR 91. As a result, 3-star-rated Vitesco's stock currently trades roughly in line with our new fair value.

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Vitesco Technologies Group AG

Vitesco: Schaeffler Acquisition Bid Represents 21% Premium to Market

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